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USD/CNY Mid-Point Reset To Fresh Cycle Highs, PBOC Gov Yi Speaks

CNH

Spot USD/CNH holds a fairly tight range this morning, moving away from session lows after the PBOC fix, only to post a fresh downleg shortly thereafter. The rate last deals at CNH7.2951, down 133 pips on the day.

  • From a technical standpoint, bears look for losses past Oct 27 low of CNH7.1662, while bulls set their sights on Oct 25 high of CNH7.3749.
  • China's central bank set the USD/CNY mid-point at CNY7.2197, missing the sell-side estimate of CNY7.2840 by 643 pips. The reference rate was set at a fresh cyclical high going back to early 2008.
  • Speculation re: fate of COVID-Zero strategy took focus Tuesday, albeit officials pushed back against reports suggesting that the authorities were studying scenarios for phasing out lockdown policies.
  • PBOC Gov Yi and other financial officials speak at the Global Financial Leaders' Investment Summit today. Later this week, China's Caixin Services will cross the wires Thursday, with BoP current account balance due Friday.
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